Danish shipowner Norden's vessel fleet CO2-equivalent (CO2e) emissions jumped last year by nearly 15pc on higher fuel consumption.
Norden's vessels emitted 4.4mn metric tonnes (t) of CO2e in 2024 compared with 3.8mn t in 2023.
"Given our target of net-zero by 2050, we must reduce emissions by 3.7pc on an annual basis from 2022 levels to realize this ambition," the company said in its annual report.
Norden spent $900mn on 15.8TWh of marine fuel in 2024, up 13.6pc and 14.3pc, respectively, from 2023, as the company operated more vessels and time-chartered out fewer vessels. Marine fuel accounted for 25pc of its operating expenses. Only 0.3pc, or 0.04TWh, of its marine fuel came from renewable sources, namely biofuels. But Norden's biofuel consumption doubled from 0.02 TWh in 2023.
In September, it entered a biofuel partnership with the global mining company BHP for the supply of 1,000t of pure biofuel (B100) in Singapore for a long-haul Capesize voyage. This reduced CO2 emissions by 2,500t compared with conventional marine fuel, the company said.
In November, it signed a sustainable fuel agreement with technology giant Meta under which Meta pays for biofuels that are consumed on Norden-operated vessels. Norden's book and claim system tracks the emissions reductions and allocates them to Meta.
In 2023, Norden acquired a minority stake in Danish-Indian biofuels scale-up Mash Makes, which researches and develops biofuel, and this year it conducted biofuel lab trials and a first vessel trial with Mash Makes. Trials are continuing this year.
